Portico MicroCap Fund
Supplement dated July 2, 1997
to the Prospectus dated February 28, 1997
Beginning on July 15, 1997, the Fund will open and offer
shares for purchase by new and current investors. Thereafter,
the Fund intends to close itself to new investors and additional
share purchases by current investors (except for reinvestment of
the Fund's dividends) at the adviser's discretion, based upon
various factors, including assets under management and current
investment opportunities. Although the adviser reserves the
right to close the Fund to share purchases at any time and at
any asset level, it is currently anticipated that the Fund will
close for share purchases (except for reinvestment of the Fund's
dividends) at any time after assets under management enter the
range between $105 million and $125 million.
Prior to July 15, 1997, B.C. Ziegler and Company may solicit
purchase orders, including non-binding indications of interest
prior to actual confirmation of orders. In order to purchase
shares of the Fund on July 15, 1997, the Fund's transfer agent
or Elan Investment Services, Inc. must receive a purchase order
together with payment in good form on July 15, 1997 before 3:00
p.m. (Central Time). Payment for the purchase of shares will
not be accepted before July 15, 1997. For more information on
share purchases, see "How to Purchase Retail Shares" and "How to
Purchase Institutional Shares" in the Fund's prospectus dated
February 28, 1997.
